8701. First National Bank (Dexter, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2259
Charter Number
2259
Start Date
February 23, 1911
Location
Dexter, Maine (45.024, -69.290)

Metadata

Model
gpt-5-mini
Short Digest
9bb7d376

Response Measures

None

Description

The articles describe the First National Bank of Dexter being voted to liquidate and turned over to the newly organized Dexter Trust & Banking Co. There is no explicit mention of a run on the First National itself; the nearby Dexter Savings Bank had a run on Jan 17 and other local trust branches had closed, so the First National was liquidated/merged as part of local banking distress. I classify this as a suspension/closure (permanent) with cause tied to local bank failures/distress.

Events (4)

1. May 17, 1875 Chartered
Source
historical_nic
2. February 23, 1911 Other
Newspaper Excerpt
Will Liquidate Dexter National Bank. The Dexter Trust and Banking Co., recently organized, is to take over the stock of the First National bank ... the affairs of that institution will be liquidated within a month or six weeks if a majority of the stock is acquired. ... The Dexter Savings bank, which was closed on Jan. 17 as the result of a run by depositors, to take over the securities of the savings bank and pay the depositors in full.
Source
newspapers
3. April 27, 1911 Suspension
Cause
Local Banks
Cause Details
Local banking distress: Dexter Savings Bank had closed Jan 17 after a run and other local trust branches had closed, prompting reorganization and liquidation of First National into the Dexter Trust & Banking Co.
Newspaper Excerpt
A meeting of the directors and officers of the First National Bank of Dexter was held Thursday and it was voted to liquidate the institution at once.
Source
newspapers
4. April 29, 1911 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (3)

Article from The Independent-Reporter, February 23, 1911

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Article Text

Will Liquidate Dexter National Bank. The Dexter Trust and Banking Co., recently organized. is to take over the stock of the First National bank, according to information obtained Saturday and the affairs of that institution will be liquidated within a month or six weeks if a majority of the stock is acquired. The next trust company has made arrangement with the trustees of the Dexter Savings bank, which was closed on Jan. 17 as the result of a run by depositors, to take over the securities of the savings bank and pay the depositors in full. C. M. Sawyer, cashier of the First National bank, has been elected president of the New Trust Co., and S. M. Leighton, who formerly was in charge of the Dexter branch of the Waterville Trust Co., which was closed two days ago, will be the cashier. The amount of the capital stock is $50,000.


Article from Daily Kennebec Journal, April 28, 1911

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Article Text

SCHOOL EXHIBITION. Third Annual Event Held in DexterLiquidation of First National Bank. Dexter, Me., April 27.-(Special).After weeks of careful preparation the third annual exhibition under the auspices of the public school opened Thursday afternoon in the Town hall. Of course, the feature of the exhibition is a complete display of work done in the public schools. Every branch of school work is represented and the exhibit gives the parents and others interested a first-class opportunity of seeing just what is actually being accomplished in the local schools Supt. of Schools Leland A. Ross is in charge of the exhibition, assisted by the teachers of the village schools The Cisplay is very attractively arranged and occupies nearly all the space on the sides of the hall. The feature of this evening was the presentation of the comedy, "A Case of Suspension," by the scholars of the Grammar school. The comedy was well staged and was enjoyed by an audience that nearly filled the large hall. Those having parts were Evelyn Park, Melba Salley, Marion Smart, Ray Bullard, Herbert Gates, Millard Moore, Annie Boyd, William Ladd, Donald Rowell and Marjorie Foss. The exhibition will continue through Friday afternoon and evening and the feature of Friday evening will be "Princess Chrysanthemum," a Japanese operetta staged by the students of the High school under the direction of Miss Mary J. Cowie, musical instructor in the public schools. A meeting of the directors and officers of the First National Bank of Dexter was held Thursday and it was voted to liquidate the institution at once. This is the last step in turning the bank over into the Dexter Trust & Banking Co., which was organized some months ago and which has taken over the liabilities of the Dexter Savings Bank and will pay 'the depositors in full. Charles M. Sawyer, for many years cashier of the First National, has been elected president of the new institution and Stanford M. Leighton, recently of the Newport branch of the Kenduskeag Trust Co. of Bangor, is to be cashier of the Trust Company. The assistant cashier has not been chosen. It is expected that the new bank will be ready to do business by the first of the coming week.


Article from Oxford Democrat, May 2, 1911

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Article Text

Maine News Notes. Work has been resumed on the sonstruction of the Portland, Gray and Lewiston electric railroad, which it is expected to have in operation this season. Twenty-one lots of goods have been identified in that plunder depository of "Dr." Fred E. Snow in Dayton, and much more still awaits identification. John Barlow of Lewiston, 71 years of age, died Thursday evening as the result of injuries received in a runaway accident that afternoon. He was thrown from his team and his skull was fractured. The annual outing of the Maine Sportsman's Fish and Game Association is to be held this year at Kineo, as usual, the dates being July 3.4. Good attractions have been secured for the event. On Tuesday the committee in charge of raising the fund for the Children's Hospital in Portland announced that not only bad the desired $25,000 been raised, but it had already been exceeded by about $1000. At Millinocket Friday Clarence Tibbetts fell across a circular saw in a wood sawing machine, and his body was cut from the left arm to the right side, the saw barely missing bis heart. He has a fair prospect for recovery. George W. McKenney, a farmer about 70 years of age, living at North Limington, was badly burned Saturday while trying to remove a tool chest from his barn which had ignited from a rubbish fire, and is reported to be in a serious condition. Organization papers have been filed for a telephone company to embrace a large territory in the great Maine woods north from Bingham. The present capital of the company is $10,000, which would build several miles of the several hundred miles of line proposed. Many grass and brush fires have got away from those who purposely or accidentally started them, and a few sets of buildings have been burned in different places in Maine by them, during the past week or two. The rainless weather since the snow went off has made conditions dangerous. The First National Bank of Dexter has been merged in the new Dexter Trust and Banking Co. The trust company has also taken over the securities of the Dexter Savings Bank which closed its doors January 17, following a run. It is announced that depositors of the closed bank will be paid in full. It is understood that the Edwards Co. has under consideration the project of raising the height of the Kennebec dam at Augusta and that while it is not certain that the work will be done during the coming summer there is a probability that it will be. It is expected that the amount to be expended in the contemplated improvement to the dam will be in the neighborbood of $24,000. There is much speculation as to whether Governor Plaisted will reappoint Judge Albert R. Savage of the Supreme Judicial Court, whose term expires on the 19th of May. Several other appointments are to be made by the governor at an early date, among them that of a live stock sanitary inspector, who takes the place of the former cattle commissioners. This office pays $1500 a year and expenses, and there are abouta dozen candidates for it. There was much interest in the trial at Auburn last week of a suit for slander brought by Frank A. Millett of Mechanic Falls, treasurer of Androscoggin County, against George S. McCarty, a Lewiston lawyer. The action was based upon statements made in a campaign speech last summer by Mr. McCarty, who was a Republican candidate for office, with regard to certain entries on the treasurer's books The trial was short, and the jury, after being out forty-five minutes, returned a verdict of one dollar for Mr. Millett. A prominent Bath citizen a few mornings ago started out for his summer camp arrayed in his comfortable outing regalia. Thus attired he attracted the attention of an out-of-town visitor who was looking for snapshots for his collection. The Bath man was rather pleased at the stranger's request for bis picture until the man with the camera informed bim that he bad been looking for a long time for a typical Maine farmer and that the Bath man filled the bill to perfection. It is needless to say that the man with the camera did not get the much desired snapshot. Dover and Foxcroft are looking for a new source of water supply, and sentiment seems to favor Salmon Pond in the town of Guilford. This pond lies about six miles from the pumping station of the Dover and Foxcroft water district. It is located in the hills and is far removed from contaminating drainage of any nature. The pond lies in a position which would give a powerful gravity system and allow high pressure in any part of either Dover or Foxcroft. Other possible supplies have been carefully considered, but the pond named above seems to look best to investigators at the present time. The Board of Trade is pushing the matter. A sensational turn was given to the trial of George H. Bangs, a citizen of prominence in Augusta, on the charge of defacing ballots cast in the recent city election. Suspicion was directed to Charles A. Wadsworth, who has been a clerk in that ward for ten years, and under pressure he confessed to defacing the ballots for which Mr. Bangs bad been indicted. Mr. Bangs was dis-